The British budget retailer Poundland, which sells (almost) all products from £1 each, has decided to abandon its plans to launch an online store in time for Christmas, but says that it may still do so in the future.
Poundland says that it will instead focus on broadening its product range and opening new physical stores. 60 new stores are planned in Britain and Ireland this year, taking the total number up to over 600. Poundland also runs a Spanish equivalent, called Dealz, and hopes to focus on growing this part of the business in the near future.
The retailer has seen rapid growth this year, with sales up 15% to £528m. The store’s pre-tax profits rose by 11.7% to £9.3m in the six months leading to 28th September, while profit excluding one-time items rose by 34% to £12.6m. This reflects a growing trend as consumers switch from major supermarkets to lower-cost alternatives such as Aldi and Lidl.
However, poundshop.com, which was also created by Poundland founder Steve Smith, struggled to take off.
Commenting on the decision to stick with traditional outlets and put off online options for the time being, CEO Jim McCarthy said: “It will be delivered at some point in the future. When we do it we want it to be done properly and make sure it’s attractive and sustainable.”
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